SALINAS, Calif., June 6, 2022 /PRNewswire/ — Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the year ended February 28, 2022.
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Financial Results Fiscal Year Ended February 28, 2022 |
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Year Ended |
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February 28 2022 |
February 28 2021 |
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REVENUES: |
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Cased goods sales |
$ |
39,631 |
$ |
29,925 |
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Bulk wine sales |
10,410 |
23,726 |
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Grape sales |
3,970 |
728 |
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Winery processing and storage revenues |
7,541 |
5,393 |
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Direct sales revenues |
2,718 |
2,576 |
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Other revenues |
817 |
393 |
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Total revenues |
65,087 |
62,741 |
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COST OF SALES |
(47,313) |
(47,964) |
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GROSS PROFIT |
17,774 |
14,777 |
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Sales and marketing expenses |
(10,410) |
(8,516) |
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General and administrative expenses |
(8,520) |
(7,886) |
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Interest expense, net |
(3,266) |
(4,325) |
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Loss from investment in Gifft Wine Venture |
(359) |
(9) |
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Gain on sale of vineyards and equipment |
24,377 |
73 |
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INCOME (LOSS) BEFORE (PROVISON FOR) BENEFIT FROM INCOME TAXES |
19,596 |
(5,886) |
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(PROVISION FOR) BENEFIT FROM INCOME TAXES |
(5,404) |
1,161 |
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NET INCOME (LOSS) |
$ |
14,192 |
$ |
(4,725) |
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NET INCOME (LOSS) PER SHARE |
$ |
15.84 |
$ |
(5.36) |
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WEIGHTED AVERAGE SHARES OUTSTANDING |
896 |
881 |
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(amounts in thousands, except for per share data) |
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Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the year end results stating, “Cased goods sales increased 32% in the current period, primarily as the result of increased distribution of the Company’s Sunny with a Chance of Flowers brand, which was launched in the fall of 2020, and sales to airlines which were limited in the previous year due to COVID-19 travel restrictions.
Bulk wine sales decreased 56% from the previous year as the Company continues to increase the use of its bulk wine inventories in cased goods production. In addition, bulk wine sales in fiscal 2021 were aided by increased demand from the potential threats to the 2020 crop from California wildfires, as well as lower than average industry-wide bulk wine supplies. Winery processing revenues increased by 40% and grape sales increased by 445% in the fiscal 2022 period, generally reflecting higher yields from the 2021 harvest. Overall, total revenues increased 4% and gross margins increased to 27% from 24% in the previous fiscal year.
Sales and marketing expenses increased 22%, from $8.5 to $10.4 million, as the Company invested in the marketing of new brands and territories. The Company recognized a gain of $24.4 million from the sale of vineyard properties in the first quarter of fiscal 2022 and, due to the reduction in debt from proceeds of the sale, net interest expense decreased 24% from $4.3 million to $3.3 million. The Company had net income of $14.2 million in fiscal 2022 as compared to a net loss of $4.7 million in fiscal 2021.”
Scheid Family Wines is a family-owned and operated wine company founded in 1972. Based in Monterey County, California, Scheid is uniquely integrated to bring high-quality wines to the marketplace from its sustainably certified vineyards and innovative luxury-level winery. Scheid’s winery and bottling operations are powered by 100% renewable wind energy generated by a 400-foot tall wind turbine, which also supplies energy to many homes in the local community. The Scheid Family Wines globally distributed portfolio includes its namesake brand Scheid Vineyards, Sunny with a Chance of Flowers, District 7, Ryder Estate, Metz Road, VDR (Very Dark Red), Stokes’ Ghost, and HOXIE, an artisanal dry wine spritzer. Scheid Family Wines also produces many regionally distributed brands and distributes a portfolio of imported wines through its partnership with PH Imports.
Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information.
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CONTACT: |
Scott Scheid, President and CEO |
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Mike Thomsen, Chief Financial Officer |
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(831) 455-9990 |
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SOURCE Scheid Family Wines
